Namibia’s Q2 trade gap widens 68% q/q as imports surge

By bne IntelliNews August 13, 2015

Namibia’s foreign trade deficit expanded by 68% y/y to NAD9.9bn ($770.5mn) in the second quarter, data from Namibia Statistics Agency showed.

The country’s exports grew 2.3% q/q to NAD13.9bn in Q2, while imports soared 22% y/y to NAD23.8bn.

Compared to Q2 2014, Namibia’s exports plummeted 39% and imports dropped 20%, resulting in a 42% expansion of the trade gap.

Diamonds remained Nabia’s top export commodity in Q2, accounting for 38.4% of total export revenues, followed by fish with a 13.1% share, copper cathodes with 7.5%, and copper ores also with 7.5%.

The main import commodity were mineral fuels and oils, contributing 20% to total imports, followed by vehicles with a 10.8% share.

The Bank of Namibia has hiked its main repo rate by a total of 100bp since June 2014 in a bid to contain a persistently strong growth in instalment credit, used predominantly for purchase of unproductive imported luxury goods, chiefly cars, that put pressure on the country’s international reserves. Imports of vehicles fell 6.4% y/y to ZAR2.57bn in Q2.

Botswana remained Namibia’s main export market in Q2, with a share of 25.3%, followed by South Africa with 19.4%, and Switzerland with 9.2%.

South Africa remained the main importer into the country with a 65.5% share of total imports, followed by China with 8.7%, and India with 2.9%.

External trade, NAD mn Q2 2015 Q1 2015 Q2 2014 y/y change q/q change
Total exports (fob) 13 911 13 602 22 730 -38.8% 2.3%
Total imports (cif) 23 764 19 464 29 673 -19.9% 22.1%
TRADE BALANCE -9 853 -5 862 -6 943 41.9% 68.1%
Source: Namibia Statistics Agency        

Related Articles

AB InBev sells 54.5% stake in African Coke bottling business for $3.15bn

Anheuser-Busch InBev will sell a 54.5% stake in Africa's largest Coke bottler to Coca-Cola Company for $3.15bn, the two companies said in a joint statement on December 21. The deal is expected to ... more

IMF slashes South Africa’s 2016 growth outlook to 0.7%

The International Monetary Fund (IMF) has lowered sharply its 2016 GDP growth forecast for South Africa to just 0.7% from 1.3% anticipated in October, its World Economic Outlook (WEO) update released ... more

MTN Nigerian fine raised back to $5.2bn, court refuses to freeze company bank accounts

The record fine, imposed on South Africa-based telecoms group MTN by the Nigerian Communications Commission (NCC) has been raised back to $5.2bn, publications in local media revealed. The ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss